Manchester United expect to spend £40 million in the summer transfer window, according to the club's chief operating officer, Michael Bolingbroke.

Sir Alex Ferguson has already brought in Japanese midfielder Shinji Kagawa for £17 million from Borussia Dortmund and Crewe teenager Nick Powell for £4 million.

United have also bid for Sao Paulo and Brazil youngster Lucas Moura - and Bolingbroke said more money has been put aside to strengthen the squad, suggesting Ferguson has at least £20 million more at his disposal.

They have a projected net spend of £40 million, and money has already been raised by selling Ji-sung Park to QPR and letting Ritchie de Laet and Matty James go to Leicester. Ferguson's transfer budget could be increased further if Dimitar Berbatov leaves the club.

Speaking at an investor roadshow ahead of the club's IPO, Bolingbroke said that United's net spend over the last 10-15 years had averaged out at between £20-25 million but added: "We are giving guidance at the moment that the current transfer period could result in net expenditure nearer £40 million."

After enduring a tricky start to his Manchester United career, perhaps it is fair that Marcos Rojo celebrated so boisterously as he watched his first professional club Estudiantes beat fierce rivals Gimnasia